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The pair continued to move down on Wednesday, once again testing the pullback level of 14.6% - 1.2336 (blue dotted line) and after that, the price went up. Today, the upward movement will continue. Strong calendar news for the pound is expected at 08:30 UTC, and for the dollar at 12:30 UTC.
Trend analysis (Fig. 1).
Today, from the level of 1.2375 (closing of yesterday's candle) the pair may begin to move up with the first target at 1.2518, a retracement level of 61.8% (red dashed line), upon reaching this level, the continuation of the upper work is with the goal of 1.2779, a retracement level of 76.4% (red dashed line).
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger Lines - up;
- Weekly schedule - up.
General conclusion:
Today, it is possible to continue to work up with the first target of 1.2518, a retracement level of 61.8% (red dashed line).
Unlikely scenario: from the upper fractal 1.2485 (blue dashed line), work down with the target of 1.2336, a pullback level of 14.6% (blue dashed line).
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